Quit Claim Deed And Medicaid Lookback Rule
If an elderly relative owns a home and quit claims it to you before going into a nursing home the home may be at risk for the Medicaid lookback rule. The Medicaid lookback rule may allow the government to try to recover medical costs by selling an asset such as a home. How does Medicaid treat quit…
Home Buyer Protection In Short Sale
Is a home buyer protected if the home he bought in a short sale sustains fire damage prior to the closing? Ilyce helps a reader sort out what kind of protection the home buyer has in a short sale - when the home owner's insurer has the home owner make the repairs himself. The home buyer's best…
Lien Stalls Real Estate Contract
A husband says his wife has a pending sales contract her home and her ex-husband's divorce attorney has placed a lien on the home for attorney's fees. The husband wants to know how to deal with the lien, which is a claim to the property. The best be would be talking to the couple's real estate…
Does Seller Disclosure Include Rotten Neighbors?
When you buy a home, what does the seller have to tell you as part of seller disclosure? Does seller disclosure include rotten neighbors who are noisy and disruptive? Does a buyer in such a situation have recourse? You should contact a real estate attorney to understand seller disclosure laws for…
Second Mortgage Lender May Cause Short Sale To Fail
When you're selling a home and you have two mortgages, you have to work with both mortgage lenders. Your mortgage lenders are among the parties who negotiate a short sale. If one of the lenders who negotiates the short sale does not agree, the short sale may not occur. Second lien holders such as…
A short sale means that the buyer is offering less than what is owed on the existing mortgages. The funds in the deal will be "short" the amount needed to pay off all of the lenders and closing costs. To complete a short sale transaction, all lenders must agree to accept less than what they are…
Signing Quit Claim Deed Removes Late Wifes Name From Title
A woman married to a widower wants to put her name on the title of her husband's home and delete his late wife's name. She can add her name to the title using a quit claim deed. But, because the home is pre-marital property, the husband may not want to add his wife to the title so the property can…
Estate Planning May Include Quit Claim Deed Reversal
When you sign a quit claim deed to give a property to your children, your children will have the original cost basis of the property. The original cost basis may result in your children having to pay higher taxes when they go to sell the property. If your children want to sell your home and give you…
Canceling A Real Estate Contract Leads to Lawsuit
A home buyer decides to drop financing for a new home purchase after discovering high financing fees. He's canceling the real estate contract but the sellers have threatened to sue. How can the home buyer break the real estate contract but not be sued? Ilyce suggests the buyer contact a real estate…
Tax Attorney Versus IRS Negotiator
I just got this question from a Clark Howard listener:
Q: Hi, a few months ago you were filling in for Clark howard and a guy called in wanting to use a tax attorney and you discouraged him from doing so and gave him a name of a IRS negotiator to use instead and I'm looking for that name????
A: I…
Quit Claim Deed Transfers Cost Basis
Whenever a home owner transfers all or part of the ownership of a property using a quit claim deed, the person who they're transferring ownership to receives the property interest at the same cost basis that the home owner bought it for. While the percentage of ownership may vary, the cost basis…
Condominium Foreclosure Home Equity Loan Default Affects Future Credit
A former condo owner describes losing his condo to foreclosure and asks how defaulting on a home equity line of credit will affect his credit score. Will defaulting on a HELOC affect his credit score after the condo foreclosure? What are the ramifications of a foreclosure on credit and obtaining…
What To Do If Your Employer Hasn't Paid You
Nancy called in to ask what she should do. Her employer is behind on wages and then moved her to commission-only but hasn't paid that either. She finally decided to leave and wants to know if she can collect unemployment.
I suggested she contact the Department of Labor (www.dol.gov), which takes a…
California 1031 Exchange Company Closes Doors
A real estate investor asks what to do now that his 1031 exchange company in California has closed its doors. The real estate investor may not be able to get his funds back. Who can the real estate investor contact regarding the 1031 exchange company that went out of business?
Easements Are Common In Subdivision Properties
When you buy a property in a subdivision, your property likely has easements around it. In some cases these easements are for utilities. An easement allows a second party, such as a utility company or neighbor, access to property. Easements are legally documented and it's helpful to consult a real…
Can Jason Sue? It Depends Who Called His Parents
I called John Ventura, an attorney with 30 years of experience who also happens to be director of the Texas Consumer Complaint Center, a great resource of consumer law assistance for folks nationwide.
I asked him about Jason's experience, and what legal options he might have. Here is his response:
The…
A buyer asks whether he can cancel a short sale purchase. He doesn't want to lose his cash in escrow if he cancels the short sale. He needs to check the details of his contract before canceling the short sale. To find out how to cancel a short sale he should contact a real estate attorney.
Lien Waiver Offers Protection For New Construction Buyers
A lien waiver is a legal form that builders and suppliers fill out indicating that they have been paid in full from a job and that they waive any right against the property they worked on or delivered materials to. If building a home, you should make sure you get the lien waiver from the supplier…
Divorce Advice For Women About House Title
Women going through divorce may need advice about what to do about their house, especially if their names aren't on the deed or title to the house. When your name is not on a house deed, do you still have a right to part of the home value? To figure out how to handle such a divorce situation you…
What does it means to sign a quit claim deed? If you're ever asked to sign a quit claim deed read it carefully. Quit claim deeds can be used to add or remove someone's name from a title. What effect does signing a quit claim deed have on a person's rights to the home? And what happens to the…
There's a new Web site that provides access to complete street addresses of more than 1.2 million foreclosure properties in the U.S. It's ForeclosurePoint.com. The free membership service also provides default filing dates, estimated property values, estimated opening bids for properties at auction…
Quit Claim Deed May Not Protect Property In Lawsuit
Transferring property just before or during a lawsuit without payment may be seen as a fraudulent conveyance -- as if you were trying to shield assets from the lawsuit. Even if you sign a quit claim deed giving up your interest in a property, the court can overturn that quit claim deed and award the…
Home Loans, Homeowners Insurance And Home Inspections
If you're looking for zero down mortgage but don't qualify for a VA loan, you could look into the USDA Rural Development Guarantee Loan Program. When shopping for homeowners insurance, be sure to look at more than price because you may miss out on extra coverage that could save you money in the long…
A buyer asks about a condominium sale. She purchased the condominium because the living room had a partition in it. Before the condominium sale is finalized, the condo board wants the seller to remove the partition. The buyer no longer wants to go through with the condominium sale. The changes to…
Homeowner Finds Home Foundation Issues, Seller Liable?
A home owner asks about who should pay for repairing his home's foundation. He discovers his home needs foundation repair five years after buying it. Whether to sue the seller depends on the cost of the foundation repair and the extent of the foundation's damage.
